Auditor Report of D P Abhushan Ltd.

Mar 31, 2025

We have audited the Standalone Ind AS financial statements of D.P. ABHUSHAN LIMITED (''The Company'')
which comprise the Balance Sheet as at 31st March, 2025, the statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity for
the year ended on 31st March, 2025, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information. (Hereinafter referred to as "standalone financial
statements")

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 as amended
("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025, its profit including other comprehensive income, its cash flow and
the changes in equity for the year ended on that date.

BASIS OF OPINION

We conducted our Audit of the Standalone Ind AS Financial Statements in accordance with the Standards on
Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are
further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements''
section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our
audit of the Standalone Ind AS Financial Statements under the provisions of the Act and the Rules made there
under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide
a basis for our audit opinion on the Standalone Ind AS Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of utmost significance in our audit
of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the
context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For matter below, our description of how
our audit addressed the matter is provided in that context.

KEY AUDIT MATTERS	HOW THE MATTER WAS ADDRESSED IN OUR AUDIT?
REVENUE RECOGNITION Revenue from sale of goods is recognized when control of the products being sold is transferred to the customer and when there are no other unfulfilled obligations. The performance obligations in the contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms. We identified revenue recognition as a key audit matter because the Company and its external stakeholders focus on revenue as a key performance indicator. This could create an incentive for revenue to be overstated or recognized before control has been transferred.	In view of the significance of the matter we applied the following audit procedures in this area, among other procedures, to obtain sufficient appropriate audit evidence: 1. We assessed the appropriateness of the revenue recognition accounting policies and its compliances with applicable Indian Accounting Standards. We read the contracts with customer, distributors, franchisees etc. to determine appropriateness of revenue recognition. 2. We evaluated the design of key internal financial controls and operating effectiveness of the relevant key controls with respect to revenue recognition on selected transactions.
	3. We evaluated the design, implementation and operating effectiveness of management''s general IT controls and key application controls over the Company''s IT systems which govern revenue recognition, including access controls, controls over program changes and interfaces between different systems.
INVENTORY VALUATION The Company is engaged in Manufacturing and Trading of Gold and other precious ornaments. - Raw materials are valued at cost. - Valuation of inventories is done at Cost or NRV whichever is lower. As inventories of the company comprise of high value items, we have identified valuation of inventory as a key audit matter	Our audit procedures over the valuation of Inventories included the following: - We evaluated the design, implementation and tested the effectiveness of controls that the company has in place to safeguard and physical verification of inventories including appropriateness of the Company''s procedure for conducting and reconciling physical verification of inventories. - Participated and observed physical verification of inventory conducted by the management at retail outlet on sample basis. - We compared the net realizable values on sample basis of gold, silver and platinum inventories calculated based on the current market price with their carrying value of Inventories.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND
AUDITOR''S REPORT THEREON

The Company''s Board of Directors are responsible for the other information. The other information comprises
the information included in the Management Discussion and Analysis, Board''s Report including Annexures to
Board''s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information,
but does not include the Standalone Ind AS Financial Statements and our auditor''s report thereon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
Standalone Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

When we read the other information identified above, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

MANAGEMENT AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE
STANDALONE IND AS FINANCIAL STATEMENTS

The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act,
2013 ("the Act") with respect to preparation of these Standalone Ind AS Financial Statements that give a true
and fair view of the financial position, financial performance including other comprehensive income, cash flows
and changes in equity of the Company in accordance with the Accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with
companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes the
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgment and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal control that were operating
effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of
Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the
Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

AUDITORS'' RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND
AS FINANCIAL STATEMENTS

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

Standalone Ind AS Financial Statements

As part of an audit in accordance with SAâs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also: -

â¢ Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls. (Annexure B is our Report on Internal
Financial Control)..

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw attention in our auditor''s report to the related
disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements,
including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying
transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with governance, we determine those matters that were
of utmost significance in the audit of the Standalone Ind AS Financial Statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we further report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income,
the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement
with the books of account;

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting
Standards referred under section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015, as amended;

e) On the basis of written representations received from directors as on March 31, 2025, and taken on record
by the Board of Directors, none of the director is disqualified as on March 31, 2025, from being appointed
as a director in terms of sub-section (2) of section 164 of the Act.

f) We have also audited the internal financial controls over financial reporting of the Company as on March
31, 2025 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the
year ended on that date, as per "Annexure B", expressed unmodified opinion;

g) In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the
Act.

h) In our opinion and to the best of our information and according to the explanations given to us, we report
as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014:

(i) The Company has disclosed the impact of pending litigations on its financial positions in its financial
statements- Refer Note 33.4 to the financial statement;

(ii) The Company does not have any long-term contracts including derivative contracts for which there
were any material foreseeable loss thereon does arise.

(iii) There was no amount which was required to be transferred to the Investor Education and Protection
Fund by the Company.

(iv) (a) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the

notes to standalone financial statements, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in
any other persons or entities, including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

(b) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the
notes to standalone financial statements, no funds have been received by the Company from any
person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(c) Based on our audit procedure performed that have been considered reasonable and appropriate in
the circumstances, nothing has come to our attention that cause us to believe that the representation
given by the management under sub clause (a) & (b) of (iv) contain any material misstatement.

(v) The company has not declared or paid any dividend during the year in contravention of the provisions of
section 123 of the Companies Act, 2013.

(vi) Based on our examination which included test checks, the company has used accounting software for
maintaining its books of accounts for the financial year ended March 31, 2025 which has a feature of
recording audit trail facility and the same has operated throughout the year for all relevant transaction
recorded in the software. Further, during the course of audit we did not come across any instance of audit
trail being tempered with.

For, Jeevan Jagetiya & Co

Chartered Accountants
FRN: - 121335W

CA Nilesh Asava

(Partner)
M. No. 142577

Date: 16th May, 2025

Place: Ahmedabad UDIN: 25142577BMKONF6802

Mar 31, 2024

We have audited the Standalone Ind AS financial statements of D.P. ABHUSHAN LIMITED (''The Company'') which comprise the Balance Sheet as at 31st March, 2024, the statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity for the year ended on 31st March, 2024, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. (Hereinafter referred to as "standalone financial statements")

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 as amended ("the act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, its profit including other comprehensive income, its cash flow and the changes in equity for the year ended on that date.

BASIS OF OPINION

We conducted our Audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements'' section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of utmost significance in our audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For matter below, our description of how our audit addressed the matter is provided in that context.

KEY AUDIT MATTERS

HOW THE MATTER WAS ADDRESSED IN OUR AUDIT?

REVENUE RECOGNITION

Revenue from sale of goods is recognized when control of the products being sold is transferred to the customer and when there are no other unfulfilled obligations. The performance obligations in the contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.

We identified revenue recognition as a key audit matter because the Company and its external stakeholders focus on revenue as a key performance indicator. This could create an incentive for revenue to be overstated or recognized before control has been transferred.

In view of the significance of the matter we applied the following audit procedures in this area, among other procedures, to obtain sufficient appropriate audit evidence:

1. We assessed the appropriateness of the revenue recognition accounting policies and its compliances with applicable Indian Accounting Standards. We read the contracts with customer, distributors, franchisees etc. to determine appropriateness of revenue recognition.

2. We evaluated the design of key internal financial controls and operating effectiveness of the relevant key controls with respect to revenue recognition on selected transactions.

3. We evaluated the design, implementation and operating effectiveness of management''s general IT controls and key application controls over the Company''s IT systems which govern revenue recognition, including access controls, controls over program changes and interfaces between different systems.

INVENTORY VALUATION

The Company is engaged in Manufacturing and Trading of Gold and other precious ornaments.

- Raw materials are valued at cost.

- Valuation of inventories is done at Cost or NRV whichever is lower.

As inventories of the company comprise of high value items, we have identified valuation of inventory as a key audit matter.

Our audit procedures over the valuation of

Inventories included the following:

- We evaluated the design, implementation and tested the effectiveness of controls that the company has in place to safeguard and physical verification of inventories including appropriateness of the Company''s procedure for conducting and reconciling physical verification of inventories.

- Participated and observed physical verification of inventory conducted by the management at retail outlet on sample basis.

- We compared the net realizable values on sample basis of gold, silver and platinum inventories calculated based on the current market price with their carrying value of Inventories.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR''S REPORT THEREON

The Company''s Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information, but does not include the Standalone Ind AS Financial Statements and our auditor''s report thereon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

When we read the other information identified above, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

MANAGEMENT AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS

The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the act, read with companies ( Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

AUDITORS'' RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

\ \ \

audit conducted in accordance with SAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

Standalone Ind AS Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: -

â¢ Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls. (Annexure B is our Report on Internal Financial Control).

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of utmost significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we further report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards referred under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of written representations received from directors as on March 31, 2024, and taken on record by the Board of Directors, none of the director is disqualified as on March 31, 2024, from being appointed as a director in terms of sub-section (2) of section 164 of the Act.

f) We have also audited the internal financial controls over financial reporting of the Company as on March 31, 2024 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date, as per Annexure B, expressed unmodified opinion;

g) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act.

h) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

(i) The Company has disclosed the impact of pending litigations on its financial positions in its financial statements- Refer Note 35.2 to the financial statement;

(ii) The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable loss thereon does arise.

(iii) There was no amount which was required to be transferred to the Investor Education and Protection Fund by the Company.

(iv) (a) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the

notes to standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the notes to standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on our audit procedure performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our attention that cause us to believe that the representation given by the management under sub clause (a) & (b) of (iv) contain any material misstatement.

(v) The final dividend paid by the Company during the year which was declared for the previous year is in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.

(vi) Based on our examination which included test checks, the company has used accounting software for maintaining its books of accounts for the financial year ended March 31, 2024 which has a feature of recording audit trail facility and the same has operated throughout the year for all relevant transaction recorded in the software. Further, during the course of audit we did not come across any instance of audit trail being tempered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023 reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For, Jeevan Jagetiya & Co

Chartered Accountants FRN: - 121335W

CA Nilesh Asava

(Partner) M. No. 142577

Date: 21st May, 2024

Place: Ratlam UDIN: 24142577BKBQRQ9073

Mar 31, 2023

INDEPENDENT AUDITOR''S REPORT

To,

The Members of

D.P. ABHUSHAN LIMITED

Ratlam

OPINION

We have audited the Standalone Ind AS financial statements of D. P. ABHUSHAN LIMITED (''The Company'')
which comprise the Balance Sheet as at 31st March, 2023, the statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity for
the year ended on 31st March, 2023, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information. (Hereinafter referred to as "standalone financial
statements")

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013as amended
("the act") in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2023, its profit including other comprehensive income, its cash flow and
the changes in equity for the year ended on that date.

BASIS OF OPINION

KEY AUDIT MATTERS

We have determined the matters described below to be the key audit matters to be communicated in our
report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the
Standalone Ind AS Financial Statements section of our report, including in relation to these matters. Accordingly,
our audit included the performance to these procedures designed to respond to our assessment of the risk of
the material misstatement of the Standalone Ind AS Financial Statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND
AUDITOR''S REPORT THEREON

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

When we read the other information identified above, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

MANAGEMENT AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE
STANDALONE IND AS FINANCIAL STATEMENTS

The Company''s Board of Directors are responsible for the matters stated in section 134(5) of the Companies
Act, 2013 ("the Act") with respect to preparation of these Standalone Ind AS Financial Statements that give a true
and fair view of the financial position, financial performance including other comprehensive income, cash flows
and changes in equity of the Company in accordance with the Accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the act, read with
companies ( Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes the
maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the
assets of the company and for preventing and detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgment and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal control that were operating
effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of
Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

AUDITORS'' RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND
AS FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these
Standalone Ind AS Financial Statements.

As part of an audit in accordance with SAâs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also: -

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Standalone Ind AS Financial Statements may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the Standalone Ind AS Financial Statements.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of
utmost significance in the audit of the Standalone Ind AS Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

y \

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by section 143(3) of the Act, we further report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books;

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with theIndian Accounting
Standards referred under section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015, as amended;

e) On the basis of written representations received from directors as on March 31, 2023, and taken on record
by the Board of Directors, none of the director is disqualified as on March 31, 2023, from being appointed
as a director in terms of sub-section (2) of section 164 of the Act.

f) We have also audited the internal financial controls over financial reporting of the Company as on March
31,2023 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the
year ended on that date, as per Annexure B, expressed unmodified opinion;

i) The Company has disclosed the impact of pending litigations on its financial positions in its financial
statements- Refer Note 35.2 to the financial statement;

ii) The Company does not have any long-term contracts including derivative contracts for which there were
any material foreseeable loss thereon does arise.

iii) There was no amount which was required to be transferred to the Investor Education and Protection
Fund by the Company.

(iv) (a) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the
notes to standalone financial statements, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other persons or entities, including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) Management has represented to us that, to the best of its knowledge and belief, as disclosed in the
notes to standalone financial statements, no funds have been received by the Company from any
person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(c) Based on our audit procedure performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our attention that cause us to believe that the
representation given by the management under sub clause (a) & (b) of (iv) contain any material
misstatement.

(d) The final dividend paid by the Company during the year which was declared for the previous year is
in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of
dividend.

As stated in note no 35.16 to the standalone Ind AS financial statements, the Board of Directors of
the Company have proposed final dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.

f I\ i

a &

For, Jeevan Jagetiya & Co

Chartered Accountants
FRN: - 121335W

CA Nilesh Asava

(Partner)

. M. No. 0142577

Date: 17th May, 2023

Place: Ahmedabad UDIN: 23142577BGYNHM5667

'' V.'' X-''y

Mar 31, 2021

The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Ind AS Financial Statements.

D.P. ABHUSHAN LIMITED

Ratlam

OPINION

We have audited the Standalone Ind AS financial statements of D. P. ABHUSHAN LIMITED (''The Company'') which comprises Balance Sheet as at 31^st March, 2021, the statement of the Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 as amended ("the act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, its profit including other comprehensive income, its cash flow and the changes in equity for the year ended on that date.

BASIS OF OPINION

We conducted our Audit of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements'' section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of utmost significance in our audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the Standalone Ind AS Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance to these procedures designed to respond to our assessment of the risk of the material misstatement of the Standalone Ind AS Financial Statements.

THE KEY AUDIT MATTERS

HOW THE MATTER WAS ADDRESSED IN OUR AUDIT

REVENUE RECOGNITION

HOW THE MATTER WAS ADDRESSED IN OUR AUDIT?

In view of the significance of the matter we applied the following audit procedures in this area, among other procedures, to obtain sufficient appropriate audit evidence:

1. We assessed the appropriateness of the revenue recognition accounting policies and its compliances with applicable accounting standards. We read the contracts with customer, distributors, franchisees etc. to determine appropriateness of revenue recognition.

2. We evaluated the design of key internal financial controls and operating effectiveness of the relevant key controls with respect to revenue recognition on selected transactions.

INVENTORY VALUATION

The Company is engaged in Manufacturing and Trading of Gold and other precious ornaments.

- Raw materials are valued at cost.

- Valuation of inventories is done at Cost or NRV whichever is lower.

As inventories of the company comprise of high value items, we have identified valuation of inventory as a key audit matter.

Our audit procedures included the following:

- We compared the net realizable values on sample basis of gold, silver and platinum inventories calculated based on the current market price with their carrying value of Inventories.

LEASES

IMPLEMENTATION OF IND AS 116 - LEASES

On March 30, 2019, MCA notified Ind AS 116 Leases and it replaced Ind AS 17 Leases, including appendices thereto. Ind AS 116 is effective for annual periods beginning on or after April 01, 2019.

Our audit procedures included the following:

â¢ Assessed the Company''s accounting policy with respect to recognition of leases and for assessing compliance with Ind AS 116.

â¢ Obtained an understanding, evaluated the design and tested the operating effectiveness of controls that the Company has in relation to

Ind AS 116 sets out the principles for the	accounting of leases under Ind AS 116.
recognition, measurement, presentation and	â¢ Tested the accuracy and completeness of the
disclosure of leases and requires lessees to	underlying lease master by agreeing the
account for all leases under a single on-balance	underlying data pertaining to lease rentals,
sheet model similar to the accounting for finance	term, escalation and other relevant terms and
leases under Ind AS 17.	conditions to lease agreements and
The Company has adopted modified retrospective	recomputed on a sample basis calculation
approach as per para C8 (c)(i) of IND AS 116 -Leases to its leases, effective from annual reporting period beginning April 01, 2019. This has resulted in recognizing a Right of Use assets of '' 429 Lakhs in Standalone Ind AS Financial	â¢ Assessed the underlying assumptions and estimates including the applicable discount rates. â¢ We also assessed the Company''s disclosures
Statements and Lease Liability of '' 317 Lakhs in Standalone Ind AS Financial Statements as on April 1, 2019 and difference between Right of Use Assets and Lease Liability of '' 97 Lakhs (including deferred tax liability of '' 15 Lakhs) in Standalone Ind AS Financial Statements has been adjusted in retained earnings amounting to '' 78 lakhs and '' 19 lakhs in Security deposits balance in financial assets.	made in accordance with the requirements of Ind AS 116.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR''S REPORT THEREON

The Company''s Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information, but does not include the Standalone Ind AS Financial Statements and our auditor''s report thereon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

MANAGEMENT AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS

maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

AUDITORS'' RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: -

â¢ Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls. (Annexure B is our Report on Internal Financial Control).

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Date: 9th June, 2021 Place: Ratlam

â¢ Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind AS Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Ind AS Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of utmost significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we further report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with theIndian Accounting Standards referred under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of written representations received from directors as on March 31, 2021, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021, from being appointed as a director in terms of sub-section (2) of section 164 of the Act.

f) We have also audited the internal financial controls over financial reporting of the Company as on 31 March 2021 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date and our report dated 31st March, 2021, as per Annexure B, expressed unmodified opinion;

g) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act.

h) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company has disclosed the impact of pending litigations on its financial positions in its financial statements- Refer Note 34.3 to the financial statement;

ii) The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable loss thereon does arise.

iii) There was no amount which was required to be transferred to the Investor Education and Protection Fund by the Company.

For, Jeevan Jagetiya & Co

Chartered Accountants FRN: - 121335W

CA Jeevan Jagetiya

(Partner) M. No. 046553

UDIN: 21046553AAAAEK8093

Mar 31, 2018

INDEPENDENT AUDITOR''S REPORT

To,

The Members of

D.P.ABHUSHAN LIMITED

Ratlam

Reporton FinancialStatements

We have audited the accompanying financial statement of DP ABHUSHAN LIMITED (The Company'') which comprises Balance Sheet as at 31 st March, 2018, the statement of the Profit and Loss and the Cash Flow Statement for the period ended on that date and a summary of significant accounting policiesand other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENT

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the companies accounting standards Rules 2006 (as amended) specified under section 133 of the act, read with companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of financial statements that give a true and fair view and are free from material misstatement, whetherdue to fraud orerror.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision of the act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the act and rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether thefinancialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation of thefinancialstatements that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place and adequate internal financial controls system over financial reporting and the operating effectiveness of such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of thefinancialstatements.

We believe that theaudit evidence we have obtained issufficient and appropriate to provide a basis forourauditopinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case ofthe Balance Sheet, of the stateof affairs of thecompany as at31st March 2018,

b) In the case ofthe statement of profit and loss, ofthe profit for the period ended on that date, and

c) In the case ofthe Cash Flow Statement, ofthe cash flows for the period ended on that date

REPORTON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we further report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of ouraudit;

b) In our opinion proper books of account as required by lawhave been kept by the Company so faras it appearsfrom our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Financial Statements comply with the Companies Accounting Standards referred to in section 133 of the Companies Act 2013, read with rule 7 of The Companies (Accounts) Rules, 2014.

e) "On the basis of written representation received from Mr. Chitresh Mehta, who is an independent Director in D. P. Abhushan Limited, as on 31a March, 201 Sand taken on record by Board of Directors, we report that he is disqualified from being appointed as a director in terms of sub section (2) of section 164 of Companies Act, 2013.

On the basis of written representations received from other director as on March 31,2018, and taken on record by the Board Directors, none of the directors is disqualified as on March 31,2018, from being appointed as a director in terms of sub section (2) of section 164 of Companies Act, 2013.

f) we have also audited the internal financial controls over financial reporting of the Company as on 31 March 2018 in conjunction with ouraudit of thestandalonefinancialstatementsofthe Company fortheyearended on that date and our report dated 30thMay 2018, as per Annexure B, expressed unmodified opinion;

g) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company hasdisclosed the impact of pending litigations on its financial positions in its financial statements- Refer Note 27.1 tothefinancialstatement;

ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable loss thereon doesarise.

iii) There was no amount which was required to be transferred to the Investor Education and Protection Fund by the Company.

	For, Jeevan Jagetiya & Co
	Chartered Accountants
	FRN:-121335W
Place: RatLam	Sd/-CA Jeevan Jagetiya
Date: May 30, 201 8	(Partner)
	M. No. 046553

ANNEXURE-ATO THE AUDITORS'' REPORT

With reference to the Annexure A referred to in our report to the members of the Company "D. P. Abhushan Limited" for the year ended 31 st March, 2018, we report the following:

i. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) The fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of Company and the nature of assets.

ii. In our opinion the management has conducted physical verification of inventory at reasonable intervals during the year including inventory given to third parties/goldsmith on job work basis. As per the information and explanation given to us, no materialdiscrepancies were noticed on the aforesaid physicalverification.

iii. According to the information and explanation given to us, the company has not granted any loan, secured or unsecured loans to companies, firm, LLP or other parties covered in the register maintained under section 189 of the Companies Act, 201 S.Accordingly, Paragraph 3(iii)(a)and(b) of theorder is not applicable to the company.

iv. According to the information and explanation given to us, the company has not granted any loans or provides any guarantee or security to the parties covered under Section 185 of the Act. The company has complied with the provisions of thesectionl 86 ofthe Act with respect to investment made.

v. In our opinion and according to information given to us, the Entity/Firm (Now Company) has taken unsecured loan which is covered as Deposit u/s 73 of the Companies Act 2013 when it was Partnership Firm and the Provisions of the Companies Act were not applicable to it. However, after conversions of partnership firm into company no new loan or deposit prohibited u/s 73 have been accepted by the company. The old monies/deposits have been repaid during the period.

vi. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 ofthe Companies Act, 2013. Therefore the provisions of clause 3 (vi) ofthe Companies (Auditor''s Report) Order, 2016, are not applicable to the Company.

vii. (a) The company is regular in depositing undisputed statutory dues including provident fund, Employee''s state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, GST, cess and any other statutory dues to the appropriate authorities.

(b) The dues outstanding in respect of lncomeTax,Sales Tax, VAT, GST.Service Tax, Custom Duty.and Excise on account of any dispute, are as follows;

Name of Statue	Nature of Dues	Amt in (Lakhs)	Amt paid under protest	Period to which the amount relates	Forum where dispute is pending
Income Tax	TDS Penalty	0.47	NIL	AY. 14-1 5, AY 15-1 6	Commissioner of Income Tax (Appeal)
RajasthanVATAct	Penalty	76.40	NIL	FY.12-13	Rajasthan Tax Board Ajmer
RajasthanVATAct	Penalty	184.79	NIL	FY.13-14	Rajasthan Tax Board Ajmer
RajasthanVATAct	Penalty	135.77	NIL	FY.14-15	Rajasthan Tax Board Ajmer
RajasthanVATAct	Vat Tax & Int.	51.96	51.96	FY.12-13	Rajasthan Tax Board Ajmer
RajasthanVATAct	Vat Tax & Int.	116.42	116.42	FY.13-14	Rajasthan Tax Board Ajmer
RajasthanVATAct	Vat Tax & Int.	77.39	77.39	FY.14-15	Rajasthan Tax Board Ajmer
RajasthanVATAct	Vat Tax & Int.	19.55	1.50 (Paid in Month of April 201 8)	FY.15-16	Rajasthan Tax Board Ajmer

viii. The Company has not made any default in repayment of loans or borrowing to financial institution, bank, Government or dues to debenture holders.

ix. During the year, the company has raised money of Rs 1660.96 lacs (including premium Rs 1067.76 lacs) by way of initialpublicofferafterits conversion from Partnership Firm to Limited Company.

The Company has used the amount for the purpose for which it has been raised, there is no deviation regarding the same.

x. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the company by its officers or employees during the period was noticed or reported, nor have we been informed of such case by the management

xi. In our opinion, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule Vto the Companies Act, 2013.

xii. In our opinion, the company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Companies Auditor''s Report) Order,2016 are notapplicableto thecompany.

xiii. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of the Companies act, 2013 where applicable and the details have been disclosed in the financial statements as required by applicable Accounting Standards (AS) 18.

xiv. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period under review and therefore, the provisions of clause 3(xiv) of the Companies (Auditor''s Report) Order, 2016, are not applicable to the company.

xv. In our opinion and according to the information and explanations given to us, the company has not entered any transaction that require compliance of provision of Section 192 of Companies Act, 2013 with respect to non-cash transaction so the provisions of clause 3(xv) of the Companies (Auditor''s Report) Order, 2016, are not applicable to the company.

xvi. In our opinion and according to information and explanations given to us, company is not required to be registered under section 45-IAof the Reserve Bankof India Act, 1934.

	For, Jeevan Jagetiya & Co
	Chartered Accountants
	FRN:-121335W
	Sd/-CA Jeevan Jagetiya
Place: Ratlam	(Partner)
Date: May 30, 201 8	M. No. 046553

ANNEXURE - B TO THE AUDITORS'' REPORT

Annexure-B to the Audit Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of D.P. ABHUSHAN LIMITED (''The Company") as of 31 March 2018 in conjunction with our audit of the financial statements of the Company for the period ended on that date.

MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India CICAO. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required underthe Companies Act, 2013.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(1 Oof the Companies Act, 2013, to the extent applicable to an audit of internalfinancialcontrols, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany''sinternalfinancialcontrols system overfinancial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles-Acompany''sinternalfinancialcontroloverfinancialreporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of theassets of thecompany;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internalfinancial controls overfinancial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, orthatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For, Jeevan Jagetiya & Co
	Chartered Accountants
	FRN:-121335W
	Sd/-CA Jeevan Jagetiya
Place: Ratlam	(Partner)
Date: May 30, 201 8	M. No. 046553

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